風險管控對經營績效之影響－以台灣票券業為例

Influence of Risk Management and Control on Performance Evaluation-Case Study on Bills Financial Corporation in Taiwan

10.7047/LRR.200706.0057

邱永和；張民忠；徐貴洪

資料包絡法 ； 資本適足率 ； Malmquist生產力指數 ； Data Envelope Analysis ； Capital Adequacy Ratio ； Malmquist Productivity Index

運籌研究集刊

6卷1期（2007 / 06 / 01）

57 - 66

繁體中文

本研究使用資料包絡法，以全體專業票券公司之員工人數、淨值爲投入項，稅前盈餘爲產出項，分析2001年至2003年各票券公司之經營績效值，另以資本適足率及商業本票保證、背書佔淨值倍數爲經營風險，檢視風險對公司經營效率之影響。本研究結果如下：1.在BCC模型中考慮風險（商業本票保證、背書餘額佔淨值倍數及資本適足率）後，整體票券金融公司之效率值多有提高的現象。在Super-Efficiency分析中，高效率票券公司考量風險因素後其效率會再提高。顯示考量風險對票券公司之經營績效提升有明顯的幫助。2.透過四象限圖（以資本適足率爲橫軸，以商業本票保證、背書餘額佔淨值倍數爲？軸）的分析，發現：經營策略趨於保守之票券公司，其經營效率相對較好；經營策略過度保守或過度忽視風險之票券公司，其經營效率相對較差。3.Malmquist生產力指數結果可知，票券公司考慮風險因子之後，生產力呈現進步狀態，但是規模效率變動不顯著。由此觀之，政府積極擴大金控公司規模之際，也應該幫助票券公司擴大營運規模，以減少金融市場開放後對國內票券公司的衝擊。

The DEA (Data Envelope Analysis) method is applied in this study to analyze the performance of bills financial corporation in Taiwan. The period of data is from 2001 to 2003. The inputs of benchmark model are the number of employees in the bill finance corporation, and the net worth of the bill finance corporation. The output of benchmark model is the pre-tax earning. Besides, we use the capital adequacy ratio, and the ratio of the trust of commercial paper in the net worth in the bills financial corporation as the operation risk to extend the benchmark model. And then, we use the extended model to study the influence of risk on performance evaluation. The study results are as follows: 1. Performance of all bills financial corporations have been upgraded after considering risk index in BCC model. There is a same effect in Super-Efficiency model. It implies that the performance of the bills financial corporations will increase, when the performance estimation model includes risk index. 2. The result from four-quadrant figure shows the bills finance corporations with a risk-averse strategy have a better performance than ones with an over-risk-averse or a risk-love strategy. 3. The productivity of bills financial corporations has been improved after considering the risk index, but there is not a significant change in scale efficiency. It implies that the regulator should give a help to expand the size of the bills financial corporation for reducing an influence in a liberated financial market.

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